Coral Gables Office Building
Fed says U.S. economy strong enough to handle rate hike
The U.S. economy is growing moderately after a winter swoon and likely strong enough to support an interest rate increase by the end of the year, but concerns remain over the recovery of the labor market, U.S. Federal Reserve officials said on Wednesday.
Verzasca downsizes Sunny Isles condo design to win approval
A development group with Russian investors downsized the design of its proposed condominium building in Sunny Isles Beach to win city approval of the project, The Real Deal has learned. Verzasca Group made changes to an earlier design that would produce “less density and less intensity,” including a reduction in the number of condo units…
Wynwood redevelopment plan gets first approval in Miami
The plan to rezone much of the emerging Wynwood neighborhood is headed to the Miami Commission after the city’s planning board approved it on Wednesday night. Originally a warehouse district, Wynwood now draws throngs of visitors to its restaurants, art galleries, and street art. Retailers are also moving in. However…
Carey Watermark Investors Purchase Ritz-Carlton Key Biscayne for $325M
In a joint venture with the original developer, an affiliate of GB Key Biscayne Holdings, The Ritz-Carlton Key Biscayne was acquired by Carey Watermark Investors I and Carey Watermark Investors II for $325 million. The buyers are two non-traded real estate investment trusts. Built in 2001, the…
Miami Beach Multifamily Sold for $21M
Springhouse Partners and Forte Capital Management LLC acquired the apartment building at 1700 Alton Rd. in Miami Beach, FL from Goldwater Realty, Inc. for $21 million, or $300,000 per unit. The 70-unit, 35,530-square-foot multifamily property was completed in 1923 on one-third of an acre in the…
Revealed: James Corner Field Operations Master Plan For Lincoln Road
An advance copy of the first draft obtained by TNM is riddled with errors and feels underwhelming, but officials emphasize that it is a work in progress. A meeting where the plan will be presented to the public is scheduled for next week, with the goal of finalizing the design by August. Some of the ideas that the architect came up with includes…
County Commissioner: MLS stadium will need better transit
Months after British soccer star David Beckham announceed his interest in starting a Major League Soccer team in Miami, the city has no designated MLS stadium, and therefore no MLS team. For months, the frontrunner for the new home of Beckham’s much-anticipated squad has been the former Orange Bowl site adjacent to Marlins Park…
ChildNet Relocates From Plantation, Occupies 83,000 SF Building
The agency’s facilities were previously located on State Road 7 in Plantation, just north of Broward Blvd.
CBRE Debuts New Online Magazine ‘Blueprint’
Blueprint will feature thought-provoking content informed by urbanists, academics and leading thinkers, as well as CBRE global leaders, all unified by ideas that examine the built environment’s potential impact on business, cities and people.
Northland Floresta Sold for $76M
Northland Investment Corporation acquired the Northland – Floresta apartment building at 400 Via Royale in Jupiter, FL from TGM Associates for $76 million, or about $244,000 per unit. Built in 2003, the 518-934-square-foot multifamily property is comprised of one- to four-bedroom layouts across…
First Look: Bal Harbour Shops’ $400M expansion plan
The owner of the luxury-oriented Bal Harbour Shops released renderings of its proposed $400 million expansion plans. The coastal mall owned by Whitman Family Development for 50 years is the most productive in the U.S., with sales of $3,010 per square foot, according to Fortune. That’s about $900 per square foot ahead of its closest…
AVR Realty Acquires Modera Pembroke Pines Ph II
AVR Realty purchased the 278-unit apartment complex known as Modera Pembroke Pines Phase II located at 10170 SW 7th St. in Pembroke Pines, FL for $62.95 million, or about $226,000 per unit. The buyer previously purchased Phase I of the development in October 2014 for $95.55 million, according to…
Third phase of Miami Avenue Bridge project underway
The next phase of work includes the installation of bicycle-friendly grating and other related work focused on the northbound lanes of the bridge. Detours are still in place. The project is anticipated to be completed in December.
South Florida winning war against saltwater intrusion, but it’s not cheap
Saltwater intrusion leading to contaminated drinking water wells has long been feared in South Florida. But, billions spent on measures to protect our water supply — mostly paid for by utilities and their customers — have paid off so far.
Mindboggling Reveals: Draft Lincoln Road Masterplan is Colorless & Contemporary
The renovation and improvement of the historic Lincoln Road pedestrian mall by landscape designers James Corner Field Operations has been shrouded in semi-secrecy by the City of Miami Beach through the entire process. This puts a big question mark around one of architect Morris Lapidus’ greatest…
Monochromes: The City of Coral Gables Was Built in This Walled Garden
In the 1920s developer George Merrick built Coral Gables on his family’s farm to resemble the medieval villages of Spain and Europe, complete with elaborate gateways and entrances, and supposedly a wall running around the perimeter. The actual wall was never built, but Merrick’s entrances and man…
Sleeping Around: Construction at the Lennox Hotel,…
Construction at the Lennox Hotel, the renovation of the historic Peter Miller Hotel by architect Kobi Karp, is coming along slowly but steadily. It’s been at least three years since the project got underway, and from the looks of things the collection of art deco and mediterranean revival buildings…
Comment of the day: “Oh but yeah, nice bldg. Brickell…
“Oh but yeah, nice bldg. Brickell is Copacabana-ing nicely. I realized recently that’s a better term than Manhattanizing, because NY is dense, walkable, and follows well the principles of urbanism more or less naturally, since they were basically invented there. And Brickell is just a highrise…
Humor From McSweeney’s: Let’s Take This Open Floor Plan to the Next Level
There’s something of a trend war going on today in office layout. Tenants of course want the most from their expensive space, but what does “most” really mean? Before the rise of the Silicon Valley-style open floor plan layout craze…
What’s Next For West Palm’s Sail Club Lakeside Site?
The hollowed, graffiti-sprayed shells of a low-income complex that never quite got torn down are all that remain of the Sail Club project. They squat behind weeds and “No Trespassing” signs on 11 acres just across Clear Lake from downtown West Palm Beach, a site that once held the…
Bay Harbor Islands historic resource survey faces scrutiny
The Miami Dade Historic Preservation Board unveiled its long anticipated East Island Historic Resource Survey at a crowded and contentious public hearing on Wednesday in Bay Harbor Islands. The survey, which evaluated 264 structures on East Island, found 48 immediately…
Palm Beach Outlets scores $165M in financing
Palm Beach Outlets in West Palm Beach has landed a massive $165 financing deal from an unnamed institutional investor. News of the deal comes just three weeks after the shopping center was purchased for a staggering $278 million, marking…
South Florida by the numbers: Focus on Miami father-son real estate/business combos
“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Ah, dear old Dad! Always there for a kind word, sage advice, or just a friendly game of catch. As we celebrate Father’s Day…
AquaLuna in Fort Lauderdale tops off
A shot of AquaLuna as it stands today (left) and a rendering of what the project will look like when completed (right).
AquaLuna, an upcoming condo complex in Fort Lauderdale, has topped off just three months after breaking ground.
Developed by Ocean Land Investments, the five-story project wil…
North Miami Beach offices trade for 3x last sale
An office building in North Miami Beach recently sold at a premium, joining a handful of commercial properties along Northeast 167th Street. The three-story, 45,728-square-foot building, at 851 Northeast 167th Street, sold for $5.6 million, according to…
MGM Grand developer Kirk Kerkorian dies at 98
From the New York website: Billionaire real estate investor and former MGM mogul Kirk Kerkorian died Monday night at his home in Beverly Hills, Calif. He was 98. Kerkorian, who grew up poor in Fresno, Calif., with Armenian immigrant parents…
Miami Association of Realtors and Zillow team up
Miami Association of Realtors brokers will now be able to market their properties directly on Zillow, thanks to a new agreement with the Zillow Group. Using the Zillow Data Dashboard, brokers can update listings within 15 minutes and ensure that they are in…
Green Companies nabs $31M refi for Dadeland offices
The Miami-based Green Companies obtained a $31 million refinancing for Dadeland Centre I, an office tower in Miami. New York Life Real Estate Investors is the lender, according to a press release. HFF arranged the loan for the 130,000-square-foot, Class A office tower. Dadeland…
W.P. Carey Shares Net Lease Strategy
Jason Fox, head of global investments at W. P. Carey, a global net lease REIT, has keen insights into the industry. He shares them in this interview.
First Look: South Florida’s first ice bar to open in Miami Beach
At 23 degrees, the vodka ice bar at Drinkhouse Fire and Ice will be the “coolest” place in Miami Beach to order a drink. The first-of-its-kind venue in South Florida opens July at 1672 Collins Ave. Its ice bar is accompanied by a cocktail “fire” lounge in a separate area at normal temperature for casual visits.